Needham keeps a Buy rating and $25 price target on Rivian while naming the stock to the firm’s Conviction List. The firm is positive on the name after surveying the company’s R1T inventory and updating its EV Used Vehicle Price Tracker, stating that its confidence in R1T demand increases as both the R1T and the R1S continue to outperform. Needham adds that it views Rivian’s Q4 data positively, with increased sequential production serving up another datapoint showing the company’s manufacturing progress.
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